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The total cryptocurrency market capitalization remains flat at $2.35 trillion on May 7, even though Bitcoin (BTC) is slightly up at $63,550. The lack of positive momentum has led to modest 0.5% to 2.5% declines in Ether (ETH), XRP (XRP), Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), and Avalanche (AVAX), mostly driven by increased uncertainty in traditional markets.

The current investor discomfort stems from data indicating an 18% drop in Tesla electric vehicle sales in China in April compared to the previous year, as the company faces strong competition from domestic producers, including BYD. Chinas new electric vehicle sales rose 33% year over year in April, with BYD leading on a 49% growth. Shares of Tesla dropped 3% on May 7 as the market absorbed the news.

Billionaire investor Stanley Druckenmiller told CNBC that his firm cut positions in Nvidia in March, believing the artificial intelligence (AI) market boom could be overdone in the short term. Druckenmiller, now running Duquesne Family Office, thinks further gains in the sector could take four to five years from now.

Such comments fueled speculations that the AI sector might be entering a bubble, negatively impacting risk-on assets, including cryptocurrencies. More uncertainty arose after The Wall Street Journal reported that Apple is developing chips to run AI software in data centers, though no clear timeline has been set for its launch.

Apple has reportedly partnered with TSMC on the chips design and production, differing from Googles AI efforts, which invested in developing their own inference server chips to reduce dependence on other chip designers. Regardless of its impact on the AI market, this move shows that Apple is seeking new growth areas after iPhone quarterly sales dropped 4%.

Investor discomfort also arises from increased global socio-political turmoil in the Middle East and Ukraine. The ongoing tension in the region creates fear and uncertainty that negatively impact global risk on assets.

Related: Why is Ethereum (ETH) price down today?

The cryptocurrency market also faced setbacks, especially after the U.S. Securities and Exchange Commission (SEC) Chair Gary Genslers appearance on CNBC. During his most recent interview, Gensler stated that most tokens "are securities under the law of the land, as interpreted by the U.S. Supreme Court." In Genslers view, investors are not getting the "required or needed disclosures" prior to being offered those assets.

According to a court filing released on May 6, the SEC has issued a Wells notice to the popular trading platform Robinhood regarding its U.S.-based crypto business. Other crypto firms have also recently been targeted by the U.S. Department of Justice and regulators, including Samourai Wallet, Uniswap, and Consensys.

Efforts to curb the industry in the U.S. and companies aiming to service the region have caused multiple ventures to block U.S. citizens from taking part in airdrops, accessing decentralized finance front-ends, or participating in certain markets. However, regulators cannot stop inflows to regulated assets, including spot Bitcoin exchange-traded funds (ETFs), so the overall impact on crypto markets from such FUD might be less than anticipated.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Continued here:

Why is the crypto market down today? - Cointelegraph

On a trip to Nigeria in January, Tigran Gambaryan, a compliance officer for the giant cryptocurrency exchange Binance, received an unsettling message: The company had 48 hours to make a payment of roughly $150 million in crypto.

Mr. Gambaryan, a former U.S. law enforcement agent, understood the message as a request for a bribe from someone in the Nigerian government, according to five people familiar with the matter and messages reviewed by The New York Times. He and a group of his Binance colleagues had just met with Nigerian legislators, who accused the company of tax violations and threatened to arrest its employees.

The Binance officials fled Nigeria in a panic. Later that month, Mr. Gambaryan wrote a three-page report describing the payment request and gave it to Binances lawyers, two people familiar with the report said. He also alerted contacts in the Nigerian government, the people said, and recounted the incident to them.

The episode was the backdrop for a second trip to Nigeria that Mr. Gambaryan took in February. On his return, he and a colleague, Nadeem Anjarwalla, were arrested by the Nigerian authorities, setting off a crisis at Binance.

Mr. Gambaryan has been held in Kuje prison in Nigerias capital, Abuja, for the last four weeks, after he was transferred there from a government compound on April 8. His case is the latest legal headache for Binance, which agreed to a $4.3 billion fine last year to settle charges by the U.S. government that it allowed criminal activity to flourish on its platform. In April, the companys founder, Changpeng Zhao, was sentenced to four months in prison for his role in those violations.

The Nigerian authorities have charged both Binance and Mr. Gambaryan with tax evasion and money laundering. Binance has denied that Mr. Gambaryan had any decision-making power in the company.

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Behind Nigeria's Arrest of Binance Employee, Claims of a Bribe Request - The New York Times

Whats going on here?

After a regulatory pause, Binance is making a comeback in India. The leading cryptocurrency exchange has now registered with India's Financial Intelligence Unit (FIU), allowing it to resume operations which were previously halted in December due to non-compliance issues.

What does this mean?

The suspension of Binance in India highlights a broader move by the FIU to enforce stricter oversight on foreign cryptocurrency platforms. To restart its services, Binance fulfilled the necessary registration and addressed a penalty for its previous non-compliance. This emphasizes India's commitment to Anti-Money Laundering (AML) laws, echoing similar regulatory actions taken with other platforms like KuCoin, which also recently paid a fine to resume operations.

Why should I care?

For markets: Regulation reshaping crypto markets.

Binance's recent compliance in India reflects an increasing trend where regulatory actions are shaping market dynamics for cryptocurrency exchanges worldwide. This is crucial for investors and market participants as such developments can impact market stability and investment strategies.

The bigger picture: India's regulatory framework sets a global example.

The strict regulatory measures India is adopting could serve as a model for other nations in managing cryptocurrency operations. This proactive approach may lead to more organized, stable, and transparent digital currency markets, potentially influencing worldwide economic policies on cryptocurrencies.

More here:

Binance Returns To India, Adhering To New Regulatory Standards - Finimize

Bitcoin recently surpassed the $63,000 mark, as per Rajagopal Menon, VP at WazirX. The cryptocurrency overcame resistance levels at $61,000 and $62,000 and is now above $62,000. The overall cryptocurrency market capitalisation rose by 1.88% in the last 24 hours.

Despite potential indicators of a drop to $60,000, Bitcoin remains above $62,800. A minor market pullback that might push the price slightly below $62,400 is anticipated.

Ethereum holds above the significant $3,000 mark, serving as a psychological barrier and a support level. Ethereums future price direction remains uncertain due to market dynamics.

Shivam Thakral, CEO of BuyUcoin, noted Bitcoin's resilience at the $60,000 level on multiple occasions, suggesting market strength. He indicated that once Bitcoin remains consistently above its previous high, it could trigger further growth in the altcoin market. AI and GPU-related cryptocurrencies have shown strong rebounds recently.

Bitcoin and Ethereum are at crucial points, with potential shifts depending on economic indicators and investor sentiment. Despite bullish momentum, investors are advised to monitor support levels and market indicators for possible trend changes.

Disclaimer:The information provided on the website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such.Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Read this article:

Crypto Market Watch: Bitcoin touches $63000 mark; notable increase in cryptocurrency market cap - Business Today

Crypto goes up, and crypto goes down. Then, often, crypto goes back up.

It can be a dizzying and volatile cycle.

Just collapsed cryptocurrency exchange FTXs customers, who, having once feared theyd lost their collective billions, can now take solace from the news Tuesday (May 7) that FTXs bankruptcy team is ready to repay them in full, with interest.

Thats because eighteen months after its collapse,the cryptocurrency exchange now says it has pulled together assets worth between $14.5 and $16.3 billion, enough to pay back 98% of its creditors118% of what they are owed.

Of course, that repay in full refers to the valuation of customer assets at the time of FTXs November 2022 collapse, when crypto was suffering a bear market, not those assets current valuations, leaving many to feel cheated. For example, bitcoin holders will be owed $16,871 for each of their former coins which are now worth more than 400% more, or around $62,000, as of reporting.

But FTXs turning back the clock isnt the only crypto news to hit the industry this week. And from U.S. Securities and Exchange Commission (SEC) scrutiny to new exchanges, earnings announcements, and even hints of the elusive real-world utility for crypto assets, these are the top stories around the Web3 landscape that PYMNTS has been tracking for the past week.

The internet will have a native currency; its just a matter of time. Artificial intelligence systems and agents will have to transact, and the most efficient way to do so will be a common protocol for money movement, Jack Dorsey, Block head, Square head, chairman and cofounder of Block, said Thursday (May 2) during his companys first quarter 2024earnings results.

Dorsey emphasized that, in his view, bitcoin would be that common protocol for the internets native currency.

And he wasnt alone in using a company earnings call as a platform for crypto payments evangelism.

Also on Thursday, Brian Armstrong, the co-founder and CEO of the largest U.S.-based crypto exchange, Coinbase, told investors that crypto payments were emerging as a key opportunity area.

[Were] driving utility in crypto. Were doing this through building a better payments experience on crypto rails getting us closer to our goal of having the average crypto transaction take less than one second and cost less than $0.01 anywhere in the world, Armstrong said on the call.

It still boggles my mind that every time you swipe your credit card, the merchant is losing 2%, Armstrong added. Its really just moving bits of data, kind of like sending a WhatsApp message, which is free. And sowhy does that still exist as a 2% tax on everytransaction in the economy?

Coinbase stores over 12% of total crypto market cap on its platform, and the exchange is working to introducea smartwallet for crypto this summer.

Elsewhere, theSwiss National Bankis conducting a pilot project that has used wholesale central bank digital currency (CBDC) and successfully settled four tokenized bond issuances and one secondary market transaction.

Andwith thenews Friday (May 3)that telecommunications giantVodafoneis planning to integrate cryptocurrency wallets and blockchain-based payment solutions directly into mobile phone SIM cards, innovative Web3 solutions that can streamline the ease of use for crypto payments are increasingly top of mind for both merchants and consumers.

The timeline across which theyll make it over to real world usability, however, could be a different matter.

Cryptos calling card at least during its early years was that it was the Wild West. But as the industry matures, regulators are taking some of the sectors cowboys to court.

As PYMNTS reported, on Monday (May 6) Robinhoodscryptocurrency business could become the latest target of regulatory action, with the trading platform receiving a Wells Notice from the SEC indicating they will recommend that the commission take enforcement action against the company.

After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to come in and register, we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,Dan Gallagher, the companys chief legal, compliance and corporate affairs officer, said in ablog post.

At the same time, news broke on Tuesday that Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer (P2P) trading. The move is the latest effort by the West African country to place tighter controls on the crypto sector, which it blames for the decline of its national currency.

It isnt just regulatory struggles crypto firms are subject to run-of-the-mill operational struggles, too. As reported here, Bakkt is cutting staff after warning earlier this year about the future of the company. The cryptocurrency platform said in an April 29 securities filingthat it is laying off 13% of its non-call center staff.

Regulatory struggles aside, the crypto space continues to push forward.

On Tuesday, British FinTechRevolut unveiled a stand-alone cryptocurrency exchange for professional crypto traders.Called Revolut X, the platform designed to compete with other top exchanges by offering easy on and off ramping, and low fees.

And PYMNTS covered Sunday (May 5) how cryptocurrency startups are reportedly engaging in aggressive fundraising as the digital asset space recovers, as well as how Crypto.comwants to increase its sports sponsorships to reach a wider audience.

Link:

This Week in Web3: Wells Notices, Crypto Payments and Usability - PYMNTS.com